Keller Rohrback LLP Announces Class Action Suit Against Tyco for Violation of Federal Securities Laws

Business Wire, Dec 29, 1999

Business Editors, Legal Writers

SEATTLE--(BUSINESS WIRE)--Dec. 29, 1999

Keller Rohrback L.L.P. filed a class action complaint against Tyco International Ltd. (NYSE:TYC) ("Tyco" or the "Company") and certain of its officers and directors for violation of federal securities laws on behalf of those persons who purchased Tyco securities between October 1, 1998 and December 8, 1999, inclusive.

The complaints charges, among other things, that during the Class Period, Tyco misled investors by utilizing improper accounting methods in connection with certain acquisitions made by the Company during the Class Period. The effect of this practice was to make Tyco's earnings growth rate appear significantly greater than it actually was. During the Class Period, certain officers of the Company sold Tyco shares at artificially inflated prices, for proceeds of at least $270 million.

On December 9, 1999, Tyco acknowledged that the SEC had commenced an inquiry into Tyco's accounting practices related to charges and reserves taken in connection with the Company's acquisitions. Tyco shares have lost more than 40% of their value since mid-October, 1999, which shareholders allege is primarily due to the questions concerning Tyco's accounting and financial reporting.

If you purchased Tyco securities between October 1, 1998 and December 8, 1999, inclusive, you may wish to join the securities class actions that have been filed. You may move the court to serve as a lead plaintiff no later than February 7, 2000.

Keller Rohrback L.L.P. is a law-firm headquartered in Seattle that has successfully represented shareholders and consumers in class action cases for over a decade. Its trial lawyers have obtained judgments and settlements on behalf of clients in excess of six billion dollars. Keller Rohrback L.L.P. is currently involved in cases and investigations involving: United Companies Financial (NYSE:UC/UCPRI or OTC:UCFNQ/UCFPQ), Baker Hughes Inc. (NYSE:BHI) and Plains All American Pipeline LP (NYSE:PAA), among others.

If you wish to discuss this announcement, have information relevant to the investigation, wish to learn about your rights to seek to serve as a lead plaintiff, or have any questions on how to join as a class representative in any securities class action, you may contact Keller Rohrback L.L.P. (Lynn L. Sarko, Juli E. Farris or Elizabeth A. Leland, Esq.) toll free at 800/776-6044, or via e-mail at investor@kellerrohrback.com. Those who inquire by e-mail are asked to provide their mailing address and telephone number.